Crypto Whale’s World Cup Nightmare: Wrong Decisions Wiped Out $11.6 Million

A Polymarket user experienced a major financial disaster, losing $11.6 million in just 10 days as a result of incorrect predictions regarding World Cup matches.

While decentralized prediction platforms gain popularity within the cryptocurrency ecosystem, the high risks taken in these venues can sometimes lead to losses that are difficult to recover. A user trading on the Polymarket platform failed to achieve the expected success with their strategy centered on the World Cup, the football world’s biggest organization.

According to Lookonchain data, this investor, using the pseudonym “coldsway,” opened a total of 15 different positions within a 10-day period. Succeeding in only 4 of these predictions, the user’s win rate remained at 26.7%. Generating a massive total trading volume of $48.19 million, the investor suffered a total net loss of $11,631,125 due to incorrect decisions.

$5 Million Wiped Out in a Single Prediction

The investor’s most notable loss occurred in a prediction for a Morocco victory. Allocating approximately $4.95 million for this position, the user lost the entire amount when the match did not result as desired. Similarly, another $3 million move on a Canada victory also ended in failure. These consecutive massive losses burned a serious hole in the user’s portfolio.

Among the user’s rare successful moments were the draw prediction between Australia and Egypt and positions for the Colombia match. Although they earned a total of $4.23 million from these successful predictions, the total lost amount of $15.86 million overshadowed this gain. This example has once again proven how critical risk management is when trading in prediction markets and cryptocurrency-based platforms.